Spain's labor market improving, economy minister says

Economy Minister Luis de Guindos told participants at an economic conference in Madrid on Tuesday that Spain's economy had emerged from the worst of the financial crisis and he expected the second-quarter employment numbers to be "much better."

The labor market's recovery is more important than having "a tenth more or less of GDP," De Guindos said during the Foro Cinco Dias.

The gross domestic product is also going to improve, with the April-June number around zero, the economy minister said.

Figures already compiled by the government indicate that the labor force survey scheduled for release on July 25 "will show that, in fact, there is an employment recovery and the drop in unemployment goes beyond seasonal factors," De Guindos said.

Spain's unemployment rate hit 27.16 percent in the first quarter of this year, with 6.2 million people registered as jobless in the Iberian nation.

Spain has been mired in a deep recession since 2008 due to the financial crisis caused by the bursting of the real estate bubble. EFE